The Hong Kong Special Administrative Region (HKSAR) on Tuesday inaugurated an alliance aimed at gathering talents and resources from various sectors to create a conducive environment for the quality development of the city's innovation and technology industry.

The launch of the Hong Kong New Industrialization Development Alliance marked a significant milestone in the city's journey towards high-quality development.

Speaking at the launch ceremony, Sun Dong, secretary for innovation, technology and industry of the HKSAR government, emphasized that Hong Kong is at a critical juncture in its economic transformation, and promoting new industrial development is vital for the city's future growth.

He described the establishment of the alliance as another significant milestone in Hong Kong's industrial evolution, hoping that the alliance will facilitate close collaboration among various stakeholders in the innovation and technology sector, including providing financing opportunities and fostering partnerships between newly listed companies and local universities to advance comprehensive industrialization in Hong Kong, ensuring seamless integration of the innovation chain and industrial chain.

In his 2024 Policy Address, HKSAR Chief Executive John Lee pledged to press ahead with the establishment of the Hong Kong New Industrialization Development Alliance to promote closer collaboration among the government and the industry, academia, research and investment sectors, building a cooperative platform for new industrialization in Hong Kong.